Market report 4 July 2014
NIFTY July expiry future last closed at 7739 with 11 points loss. In Intraday NIFTY, future made high at 7774 while low was at 7726. Total almost 50 points intraday range and closed with loss with small profit booking. On futures side, -1.14% open interest cut shows profit booking. On option side, 8000 call options writing was seen which is upcoming resistance. For tomorrow, traders keep buy on dips view with strict top loss below 7660 for target 7780 and then 7850. Option traders use same view for nifty 7700 call options only for intraday.
BANKNIFTY July expiry future last closed at 15,564 with loss of 34 points. In intraday BANK NIFTY, future hit high at 15,660 while low was at 15,510. Total 150 points intraday range and closed with loss. On futures, sides -1.8% open interest build up suggest strong long addition. On option side 16,000 call options writing has been seen. For tomorrow, traders above 15,400 keep buy on dips view with strict stop loss in place for target 15,800 to 15,900.
India VIX active future last closed at 1695 with almost 22 points gain. In intraday NVIX hit high at 1695 while low was at 1685. Total 10 points intraday range and closed with gain on sharp short covering. On futures, side +11.11% open interest addition seen. For tomorrow, below 1730 level keep short view in vix future.
Canara Bank stock closed at 466 with loss. In intraday stock hit high at 460 while low was near 445. For tomorrow, traders can buy this stock near 440 levels with strict stop loss 430 for targets 465.